Ackman expects even more upside from the common stock, and noted
in an investment conference that he expects the GSE shares to
increase in value 10 times during the next several years. He also
noted his expectation that the Supreme Court would side with the
shareholders, and that shares could be worth 10 to 15
times current levels after the decision is issued.

Of course, when major players like Bill Ackman start talking
about megareturns, the stock gets a bump.

As the backdrop to all of this, Fannie Mae's dividend payments to
the Treasury keep looking more and more impressive,
intensifying shareholders' fantasy that it could eventually take
form in a non-government-sponsored way.